Your financial plan should be completely personalized based on your individual situation. In most cases it will likely take a multiplicity of factors into account; including but not limited to your objectives and life goals, assets, liabilities, income, inflation, income taxes, spending, and more. Your current and future lifestyle can also have an effect on the way you plan for your life in retirement.

This comprehensive financial plan will need to be updated as things change and can quickly become outdated. It is important to try and update your comprehensive financial plan periodically to help ensure that any new changes and goals are accounted for.

For many Americans at or near retirement age, comprehensive financial planning can be quite cumbersome and overwhelming. However, creating (or updating) your financial plan is one of the first steps you can take toward living out a more safe, secure, and enjoyable life in retirement. If you are unsure about what is comprised within a personal comprehensive financial plan, then it is recommended you reach out to and ask your trusted advisor.